Based on the Recognition Principle, Revenue Is Recorded on the Financial

Multiple Choice

Based on the recognition principle, revenue is recorded on the financial statements when the:
I.payment is collected for the sale of a good or service.
II.earnings process is virtually complete.
III.value of a sale can be reliably determined.
IV.product is physically delivered to the buyer.

A) I and II only
B) I and IV only
C) II and III only
D) II and IV only
E) I and III only